TGS announces Q2 2025 results
Multi-client revenues impacted by several library data purchases being postponed and low client commitment to ongoing projects
Challenging operational conditions for a large contract project and lower than expected JV partner participation for certain multi-client programs negatively affected contract revenues
Order inflow of USD 133 million during Q2 2025 – total order backlog of USD 425 million
Net cash flow of USD 11 million in Q2 2025, compared to USD -13 million in Q2 2024
Maintaining a stable dividend payment of USD 0.155 per share to be paid in Q3 2025
Gross operating costs for 2025 expected to be approximately USD 950 million compared to previous guidance of approximately USD 1,000 million – reduction driven by further efficiency gains and vessel scheduling
'The Q2 2025 results were negatively impacted by several factors. End-of-quarter data licensing came in below expectations, with several data licensing deals being postponed. Further, we encountered challenging operational conditions on one of our streamer projects, negatively impacting revenue recognition. Finally, lower-than-expected partner participation in certain multi-client projects resulted in lower recognition of contract revenues and higher multi-client investments. The guidance for gross operating expenses has been reduced further, as we continue to review our cost base and optimize asset allocation. We are in the process of selling the Ramform Explorer and the Ramform Valiant, and stacking the Ramform Vanguard. Although significant macroeconomic uncertainty and high oil price volatility during Q2 caused our clients to be more cautious in the short term, the long-term need for more exploration remains intact. With falling remaining reserve life, many large E&P companies will face declining production rates unless more reserves are added and brought on stream. As a result, we remain optimistic for the long-term opportunities for TGS,' says Kristian Johansen, CEO of TGS
Management presentation
CEO Kristian Johansen and CFO Sven Børre Larsen will present the results today at 09:00 a.m. CEST. The presentation is webcasted live. Access and registration for webcast attendees are available by copying and pasting the link below into your browser, or use the link on the front page of www.tgs.com:
https://channel.royalcast.com/landingpage/hegnarmedia/20250717_2/
A recorded version of the presentation will be available on TGS.com (http://www.tgs.com) after the live event.
The Q2 2025 earnings release and presentation are available on www.newsweb.no and www.tgs.com.
For more information, visit TGS.com (http://www.tgs.com) or contact:
Bård Stenberg
Vice President IR & Communication
Tel: +47 992 45 235
E-mail: investor@tgs.com
About TGS
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).
Forward Looking Statement
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward- looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
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TORONTO, July 18, 2025 (GLOBE NEWSWIRE) — Clip Money Inc. (TSX-V: CLIP) (OTCQB: CLPMF) ('Clip Money' or the 'Company'), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce the closing of a non-brokered private placement of an unsecured convertible note (the 'Convertible Note') for gross proceeds of US$3,000,000 (or CAD$4,125,900, based on a CAD/USD exchange rate of US$1 = CAD$1.3753) to Cardtronics Inc. ('Cardtronics'), a subsidiary of NCR Atleos Corporation (the 'Convertible Note Financing'). Cardtronics is Clip Money's largest shareholder and also a strategic commercial partner through the NCR Atleos Allpoint ATM network. Cardtronics' continued support highlights its confidence in the Clip Money solution and team. 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Subject to the terms of the Convertible Note, if the Company redeems all or a portion of the Convertible Note after the three year anniversary thereof and until the date that is one day before the Maturity Date, it must pay a redemption price equal to 101% of the portion of the principal amount of the Convertible Note being redeemed plus all accrued and unpaid interest up to and including the redemption date on the portion of the principal amount being redeemed. Such a redemption shall be payable in cash or, at the election of the holder and subject to the prior written approval of the TSXV, be payable in Common Shares pursuant to the terms of the Convertible Note. 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EARLY WARNING DISCLOSURE REGARDING BRIAN BAILEY In connection with closing of the Equity Financing, Brian Bailey, president and chief operating officer of Clip Money, acquired 3,438,250 Common Shares at a price of CAD$0.20 per Common Share pursuant to the terms of a subscription agreement. 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Following closing of the Equity Financing, Mr. Bailey will own (i) 10,672,016 Common Shares, (ii) the Convertible Note, (iii) 455,118 Warrants and (iv) 1,449,650 Options, representing approximately 9.51% of the issued and outstanding Common Shares of Clip Money on a non-diluted basis and approximately 11.59% of the issued and outstanding Common Shares of Clip Money on a partially diluted basis assuming the full conversion of the Bailey Convertible Note and the full exercise of the Warrants and Options. The securities of Clip Money are being held by Mr. Bailey for investment purposes and Mr. Bailey will evaluate his investment in the Company from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease his shareholdings through market transactions, private agreements, or otherwise. This news release is being issued under the early warning provisions of Canadian securities legislation. A copy of the early warning report to be filed by Mr. Bailey in connection with the transactions described above will be available on the Company's SEDAR+ profile at . A copy of such report may also be obtained by contacting Joseph Arrage by telephone at 844-593-2547 or by email at jarrage@ . The Company's registered office is located at 333 Bay Street, Suite 3400, Toronto, Ontario, M5H 2S7. About Clip Money Inc. Clip operates a multi-bank self-service deposit system for businesses through the Clip Money network that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls. Rather than having to go to their personal bank branch or using a cash pickup service, businesses can deposit their cash at any ClipDrop Box or ClipATM located near them. After being deposited, the funds will automatically be credited to the business' bank account, usually within one business day. 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